New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-13
ROBERT GARRETT RESIGNS.
CARRYING OUT LONG CHERISHED PLAN.
HIS LETTER TO THE BALTIMORE AND OHIO DIREC-
TORS GIVING UP THE PRESIDENCY OF TIE
COMPANY - CHOSEN MEMBER
THE ROARD
fDY rnLEGRAPn TO THE rRrsuyz

lBf TELEGRAPH TO THE Tribune.
BALTIMORE. Oct. l2.-Robert Garrctt's absence
from the Finance Committees meeting Yesterday
was explained today when his resignation was
presented to the Board of Directors at the montbIy
meeting 1t was surprise, for to the minds Of
some of the old directors and Stockholders who
were friends of John W. Garrett the idea OF the
Baltimore and Ohio lroad existing without
Garrett at the head of it seemed an impossiI iIity
Mr.. Garrett did not attend to-day's meeting.
which is considered proof that his displeasurs
over recent events continues lie remained al
u"PiahdS, his country seat. In fact he has not
'c'h ao the Baltimore and Ohio central office
since he returned hCme, and it is SAID is NOS
iIhoy 10 De seen there for some time. William
l.. Burns, president pro TEN, presided at tho
meeting The annual report to be presented N tho
stoo ooAhohlers by the directory next month ot tin
annual meeting was adopted Leading Officials OF
thc railroad and Telegraph companies attended
the meeting President Burns explained TO ,he
ooaro MS aciion In dIspOsing of the Baltimore
and Ohio telegraph lines. There was some dis.
oussioh over the matter, and il is said that a
couple Of the directors expressed their regret
that the telegraph had passed into the hands OF
jay Gould. Mr. Burns further explained that bv
the terms OF the sale, the railtoad COMPANY re-
ceiVcs s5,OOO,Oo0 In the stock of the Western
Union anu an annual rental of sGOO0O Tho
west I'll Union also pledges itself TO maintain
lines and batteries the line, which is
equal TO addii iiional revenue to the raillOad The
oOaIu mas raLiicd the sale OF the telegraph
Mr.. Garrett letter OF resignation was then
read. 1t is follows:
10 ne directors Of de baltimore and ohio Ra.doad Con.-
GkNlLEMES: 1t is well known to many of you thas
II hds peeh oi some time my liked desire aud tentiom
to withdraw when properly could from TIC lauors
Nv al LIB
sion a. president vi the baltimore and ONO Itan. Oad
Company. But, as you are also aware, the polcy
aud undertakings OF the COM auy, which / necessarily
assumed ut tho time accepted the p e.dcncy,
such to render Improper FOR me- with due regard
To inc interests involved, 10 Withdraw tom their
prosecution
Now, however, that arrangements have been madc
which, hope and believe, VIII many
onds for which we have 50 long struggled. and tho
business and finances Of the company being IN a
sound and satisfactory condition, 1 am in a position
to tender you, as do hereby, my resignation
president OF the company.
l thank you for the courtesy and consideration
which you have uniformly extended to ne, and
trust you will be able within a brief period to fix
upon q proper person to whom may surrender tha
trust with which you have honored ne. / am, very
respectfully, l;oBLRT GAkRETr.
Mr.. McKenny White, Mr.. Barnes and other di
rectors made euogistic speeches of Mr.. Garrett
and his administration. The board adopted this
resolution:
Resolved, That on accepting the resignation by Mr..
Robert Garrett of the presidency Of this company we
Scon his desire to withdraw from The oSacrins duties
OF the Office. and how imperative up this time has
been the necessity that he should not do Many
OF the measures OF policy whose completion wAs
undcrtalen when he became president have been pur-
sued with difficulty and peru TIL thus is
longer doubtful We appreciate the fact that this
result has been gey due to hls COURAGE and
selfish devotion to tho companys interest and con
gratulae him upon the fact that In leaving the Ofics
az this time he not only does with the affection
and respect OF all those connected with tho company,
hut with q recognition by all those acquainted with
II OF how great been the services he has rendered
When the Finance Committee recommended that
no dividend he declared on the $4,000. 600 COM
mon stock Of the Baltimore and Ohio Railroad,
the other directors surprised Several OF
them had not expected tins The recommendation
was promptly adopted was also the authori-
haton Of the payment Of a scmi-annuai dividend
Of five Ter cent on the stock of the Washington
branch. Mr. Burns will remain the head OF tho
corporation at the wish OF the Morgan syndicate
for month longer and at the annual meeting
Mr. Spencer viii he elevated to the presidency.
Mr. Garrett elected director 70 fill the
vacancy caused by the death Of Colonel j. Spear
Nichols. The five per cent dividend on the stock
OF the Washington branch does not in any way
hcncht tie stockholders, all the stock Of tho
Washington branch is owned by the Balu-
more and Ohio Railroad in Mary land